Agribusiness Insurance protects your business for farming, breeding, crop productions, distribution, processing, farm machinery, agrochemicals, supplies and sales.
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When it comes to running your business, you’ve likely learned that it’s beneficial to expect the unexpected.
As we know, in a state such as Michigan, the weather can be unpredictable. You want to ensure that you are protected against losses from flooding, drought, heat, wildlife, and other natural causes. If you make an income using your land or dwelling, agribusiness insurance may cover you in these instances.
Whether you need to protect your farm, ranch, vineyard, or winery, finding the right agribusiness insurance policy is critical. Of all of the investments you will make, obtaining insurance will help to secure that your business can remain profitable.
Without it, one severe storm can destroy your unprotected crops or livestock, taking away your income. This type of loss may not only set you back but it may also shut your business down, as well.
What is agribusiness insurance?
Even if you’re running your business from home, your standard homeowners insurance policy will not cover what an agribusiness insurance policy does. Learning what type of coverage you can receive with agribusiness insurance will allow you to see how it can be beneficial.
For example, your homeowners insurance would not cover your livestock or farm equipment if a natural disaster occurred. Or, if someone vandalized your farm or stole from it, it would be considered a loss. A homeowners policy would not protect you from these unfortunate occurrences.
Agribusiness insurance is a policy created to protect businesses in the agricultural market that make all or most of their income from agriculture. In this line of business, owners typically need protection for their farming equipment, machinery, livestock, product, and dwelling, all of which can be covered under this type of policy.
What are examples of agribusiness?
There are many types of agribusinesses today. In the past, you would have probably pictured a small farm, growing corn, or caring for and using their livestock. However, agribusinesses include farm supply stores, grain dealers, milling elevators, pesticide and fertilizer distributors, and even food processing plants.
Examples of Agribusinesses include the following:
- Dairy Farms
- Livestock farms
- Horse Farms
- Wholesale nurseries
- Crop farmers
- Cotton growers
- Citrus growers
If your business participates in the production, marketing, safety, or distribution of food, you qualify as an agribusiness. Therefore, you could be eligible for agribusiness insurance. Do let this limit you, though. Your business does not have to be involved in the production of food to qualify.
For instance, Deere & Company is considered an agribusiness, and they do not produce food. Instead, they offer equipment such as tractors and balers.
Finally, An agribusiness does not have to be a large corporation or company to be insured. Small and medium-sized businesses are eligible for protection too.
If you would like to determine if your business falls under the agribusiness category, reach out to an expert insurance agent at Frost & Remer.
What does agribusiness property insurance cover?
When you purchase agribusiness property insurance, you are protecting yourself and your business from natural disasters, fire, theft, and vandalism.
The following could be covered under an agribusiness property insurance policy:
- Buildings, contents, and personal property
- Equipment used for agriculture and manufacturing
- Commercial automobiles, such as tractors and balers
- Liability for harm caused by your products
- General liability
- Injuries that occur on your property
- Property damage
While this list covers some coverage that you may receive, it is always best to speak with your insurer for a complete list of what is covered.
There is always the option to customize and add more to your insurance policy too. This all depends on your agribusiness and what type of coverage you may need.
To give you an idea of the common types of insurance needs for agribusinesses, the following is a list of the top agribusiness insurance claims:
- Motor vehicle accidents
- Workers compensation for disability or death
- Misapplication of chemicals or drift
- Slip, fall, or injury
- Food related claim
- Animal-caused damage or bite
- Glass breakage
- Wind damage
- Hail or lightning damage
- Fire damage or loss
How Frost & Remer can help
The question is not, “should I purchase agribusiness insurance?” It is, “what type of coverage do I need to protect my business in the case of unforeseen circumstances?” Every business has different needs, which is why you have the option to customize your policy.
While a loss is not something you want to think about, you understand it is necessary with this type of business. At Frost & Remer we are highly knowledgeable about insurance and understand the many concerns you may have regarding protecting your business and property.
Reach out to Frost & Remer to schedule a full risk assessment. We can also discuss your other business insurance needs, which may include Business Interruption, Workers Compensation, and General Liability Insurance.